The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, has said the RT200 programme has made good progress in export proceeds, with the repatriation of $5.6 billion at the end of 2022.
Emefiele, who spoke at the third Biannual RT200 non-oil export summit in Lagos, said available data shows that repatriation due to the programme increased by 40 per cent from $3.0 billion in 2021.
He said the momentum for 2023 is equally showing strong numbers and impressive prospects. “In the first quarter of 2023, a total of US$1.7bn was repatriated to the economy while about $790 million was sold at the I&E window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters.”
The CBN governor called for the enactment of unconventional, innovative, supportive and complementary macroeconomic policy actions that are inclined toward a market-based financing system to tackle the economic challenges in the country.
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He said unfolding global economic development suggests that monetary policy was reaching its limit and would need complementary help from other spheres of the economy to propel for sustainable advancement.
He said the CBN in collaboration with the Bankers’ Committee identified the RT200 programme and export promotion in general as a critical tool for attaining sustainable and stable external balance and safeguarding the value of the currency.
The summit, which featured panel discussions from chief executing officers of banks, managing directors of government agencies and key exporters, agreed on the need to address infrastructural deficit in order to unlock the opportunities in non-oil exports.
